Historic 46-Unit Multifamily
For Sale
$8,750,000
201 Park Ave, Albany, NY 12202
COMMERCIAL - Albany, NY
Property Size65,000 SF
Lot Size1.96 Acres
Price / SF$134.62
Days on Market11
Property Features for 201 Park Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Capitol Hill
Directions
Park Ave Albany
Standard status
Active
Size
65,000 SF
Lot size
1.96 Acres
Taxes and HOA fees
Tax Annual Amount
104210
Building Details
Year built
1880
Listing Agency:
REALTY ONE GROUP KEY
(518) 630-0360
Listed By:
Leah Witko · License #10401256547
(518) 630-0360
Added: Jul 21
Changed: Jul 22
Last Checked: Jul 31 at 12:06AM
MLS# 11896413
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully renovated, stabilized multifamily investment consists of 46 apartments housed within a historic brewery building. Renovations completed in 2023 include updated kitchens and baths, stainless steel appliances, in-unit washer and dryers, new flooring, modern lighting, and contemporary finishes throughout. The unit mix offers one-, two-, and three-bedroom apartments with distinctive layouts.
The property is located at 201 Park Ave in Albany, New York (12202), within a landmark-style structure that preserves its architectural character while operating as a modern apartment community.
The building’s configuration supports a turnkey residential income use, with apartment interiors refreshed throughout and in-unit laundry amenities as part of the renovation scope.
The property is located at 201 Park Ave in Albany, New York (12202), within a landmark-style structure that preserves its architectural character while operating as a modern apartment community.
The building’s configuration supports a turnkey residential income use, with apartment interiors refreshed throughout and in-unit laundry amenities as part of the renovation scope.
Key Highlights
- 46‑unit multifamily property in a historic brewery building with Year Built 1880
- Renovations completed in 2023 with updated kitchens and baths throughout
- Stainless steel appliances and modern lighting plus new flooring and contemporary finishes
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.29M | $19.80 |
| − Vacancy | −$79.8k | −$1.23 |
| EGI | $1.21M | $18.57 |
| − OpEx | −$543.2k | −$8.36 |
| NOI | $664.0k | $10.21 |
65,000 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$9.49M
$8.30M – $11.07M
NOI $663,963 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.15M
$15.01M – $20.01M
NOI $1,200,420 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
46
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,883
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated, stabilized 46-unit multifamily property in a distinctive historic building, with updated in-unit amenities.
Where is this apartment building located?
The property is located at 201 Park Ave Albany, NY.
What is the asking price?
The asking price for this property is $8,750,000.
What are key features of this property?
This property features: 46‑unit multifamily property in a historic brewery building with Year Built 1880; Renovations completed in 2023 with updated kitchens and baths throughout; Stainless steel appliances and modern lighting plus new flooring and contemporary finishes
